#Tether watch!

#Bitfinex is printing themselves money again. Quite literally. They're using a new account to try and obscure it but i can pretty much prove it at this point.

Lemme walk you through.
So Tether printed $100 million to an account 10 hours ago on TRON.

This is a fresh account with 5 TRX txn and 2 other txn.
I can prove the account was made on or via Bitfinex. That first txn in comes from the Bitfinex TRX funder wallet. Still need to do more research on those, but it seems all or nearly all Bitfinex INs have that wallet for TRX funding (including the bots).
In any case, here's the $100 mil arriving in Bitfinex Hot, and you'll notice the bulk goes out right away.

To a wallet i know well, -TGEeu.
This wallet is "Bitfinex 2" on TRON (just not labeled as such), which i've named after Bitfinex 2 on Ethereum, which is properly named.

I don't know what their exact function is - but they've heavily been used for chainswaps back and forth between TRON and ETH.
Knowing both wallets on both chains serve the same function allows us to also track money coming in.

That 6D10H chainswap was funded with this block in -TGEeu. The biggest contributor/closest to $70M is $63M 6D15H ago.

We look that up in Bitfinex Hot (page 361 fml) and we find:
Corporate needs you to find the difference between etherscan.io/token/0xdac17f…

and
tronscan.org/#/address/TXfr…
And reminder; Kraken gets most its funding on TRON from....
All of this HAS to be direct transfer btw, not trade.

Bitfinex LITERALLY does not have $100M of 24 hour trading volume. People forget that you can send crypto from wallet to wallet directly too, and exchange wallets function absolutely no differently.

Also lol at vol vs assets.
What, you thought their API was gonna report transfers as trading volume? Please.

In the end it all ends up in Binance though. Imagine that; $5.6B into Kraken from Tether directly, all this activity, yet their top wallet's got $200M in it - with a combined $270M for Bitfinex.
And finally i might as well highlight something i've been meaning to for a while: TRON's rampant bot creation/destruction.

TRON recently passed 150 Million accounts! And active accounts didn't budge from 2 million.

Just compare these graphs and realize how bad the problem is.
Bonus:

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More from @DesoGames

Apr 4
#Tether watch!

Alright, i promised a post on this so here goes. #Bitfinex is amassing a much bigger Bitcoin hoard than previously disclosed. Either that (by far most likely), or some whale trusts only trusts Bitfinex to trade with, and only accumulates at quarter end, in bulk. Image
Gonna be another screenshot heavy thread i'm afraid, since i've gotta prove ownership when that's hard to do. So.

This time we follow the money backwards. How did 53.5K Bitcoin accumulate in a ~6 month old wallet? Aside from a few tiny txn, all BTC came in via Bitfinex. Image
Most of the money came in via 3 distinct blocks: March 30th, December 28th 2022 and September 30th 2022.

All of it came directly from Bitfinex's hot wallet, -Ua9i1g. ImageImageImage
Read 24 tweets
Feb 26
#Tether watch!

Got another juicy thread today tracking down Binance wash trading. Very juicy.

So, i was looking at the #USDT again that keeps flowing into #Binance via #Kraken. I did the crazy thing again, and found it in Binance Hot.

But this time i went even further.
See that red line? I figured, maybe the bot network is stupid enough to transfer all the funds in at once, because there's pages of IN at 6H22M - but the amounts are *ASCENDING* in order! Sorted almost!

So i clicked on *every wallet* in that screenshot. Here's the analysis:
Look closely now.
Read 16 tweets
Feb 24
Been a while since i looked at the $FNMA Fannie Mae monthly summary.

And yknow what, history never repeats, but it often does rhyme... Image
Dug out an old summary from December 2008, and the liquidation rate's looking like it's having the same "blow off bottom" as it had in 2008.

Here's how that went in 2009 (from the January 2010 summary). Mind you liquidations spiked higher during covid than during the 2011 peak: Image
But, it is different this time, as delinquencies started the last mess while a positive rate shock occurred as rates dropped, keeping even the 50bps numbers to decimal points throughout 2009.

This time delinquencies lag due to wage increase on fixed rate; but the rate shock... Image
Read 4 tweets
Jan 26
#Tether watch!

More BRRR. But that's not the question of today, which remains these darn chainswaps Bitfinex keeps doing.

This isn't small potatoes yknow. $388 million in 5 days!
I really wonder what the function of Bitfinex 2 on Ethereum is as well. Since these chainswaps keep originating from there, and the INs before the chainswap are a total mystery to me.
Looking up these transactions in the Bitfinex hotwallet, we can see the money flows in from other wallets *right before* it flows into Bitfinex 2 - but not always the exact amount that came into the hot wallet.

Honestly this looks like a bot network (cut and pasted together):
Read 17 tweets
Dec 14, 2022
#Tether watch!

🚨P̨ͯ̎͐ͦ̓ͨ͟҉̣̺̖̳̝͔ͅR̛̞̩̟̬̺̪͙̱͋̓ͭͨͯ̽̄̈͌͂ͤ̑͘͡͠Į̛̯͚̣͖̼͇̪̖̭̹̱͖͎̬̭̒ͯ̍̾͒ͥ͒ͯͧ̒̈̈ͨ͋ͩ̃͟͝N̐͌ͮ͒̿̒҉̛̕͏̺̯̗̥̪̯̦̩̩̗̘̗͉͈̳̯̝͚̣̕T̡̈́ͧ̄ͩ͢͏̲̦̩̠̖̖̤͈!̴̶̢̧̢̭̝̻̣̞͓̯̱̺̦̳͕͍̗͍͍̼̽̅̂̒̈́̆͛͑̂ͪ̚🚨

The fuck?
So, in a nutshell, Coinmarketcap and Coingecko circulating supply have become completely unreliable. I've squared the numbers before as has @Cryptadamist, so it's notable that there's a change.

Which also means the market cap readout on EVERY WEBSITE is now unreliable.
Twice within a short time period now i've tracked USDT moving out of the treasury wallets into Binance (Bitfinex once) on TRON yet the market cap on CMC did not update at its regular time or close to it. With the DXY going sideways even there should be no reason holding it back.
Read 15 tweets
Dec 13, 2022
Caught this with #Tether and #Binance doing their chain swap.

For some reason, that 2.8B didn't end up in Tether's treasury wallet directly. Somehow it ended up in multiple Binance hot wallets (as the top 11-50 holders grew alot compared to top 1-10).

And wouldn't you know it.. Image
So what you're looking at is the moment of transfer out of Binance Cold 2, as well as 2 other Binance Hot wallets at that time which aren't the main one. Page 500 was already below 2 hours when i thought of tracking this transaction.

And while i can't correlate ins....
...i can show that during the time the money moved out of the cold wallet, both wallets were temporarily offline, and resumed trading not too long after.

Could be convenient maintenance, sure. But i don't see why the money has to make a detour through hot wallets for a chainswap
Read 5 tweets

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